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tv   Boom Bust  RT  September 27, 2018 3:30am-3:53am EDT

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chain is becoming a basic building block for multinational big banks like never before we're joined by crypto and finance expert christy ita co-founder of counterpart to work at one of those big banks to discuss block chain and crypto what's going on in orderly precedented plus oil m.g. is there a lot going on in the world we're peruse the planet and talk geo political economics with john cavalier the president of the us cuba trade and economic council and pressure from the united nations sustainable goals summit will be joined by our south african friends from davos tracy chambers the c.e.o. of the clothing bank will discuss the circular khana meat houses and businesses make more efficient effective use of inputs and ways for increased returns and a more sustainable planet we'll talk it over with the we are full to the brim with cool and stimulating. let's go. a broad coalition of
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nations has stepped up their defiance on u.s. policy on iran by creating a finance mechanism to skirt pending sanctions on iran oil the european union's top officials for external affairs announced at the un general assembly meeting in new york this week that the remaining parties to the two thousand and fifteen iranian nuclear agreement have created what they call a special purpose vehicle that's s p v for that purpose u.s. president donald trump renounce the arrangement but the other nations that hope to salvage the agreement russia germany france china and britain are trying to convince iran to stay in and not restart their nuclear development program despite the u.s. has attempted sabotage it is the hope of supporting the agreement european companies will continue to trade with iran in accordance with european union law while some experts say the s.t.b. tool would insulate companies from secondary you. sanctions disagree we'll keep an
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eye on this one. and in yet another sign of the growing european pushback on the trumpet ministration the european central bank has warned that the united states has the most to lose from an extended global trade fight earlier today e.c.b. researchers published their findings that a full global trade war could cut u.s. g.d.p. by more than two percent for three years the e.c.b. is also predicted a global economic output loss of point seven five percent as well as a significant and more wide ranging impact on output across countries the e.c.b. finding the effectively second more direct inexplicable warnings from the e.c.b. president mario draghi as well as from the head of the international money monetary fund christine legarde. and south korea and the united states have reached an agreement on a revision other two thousand and twelve trade agreement was reached with president
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obama's administration the renegotiation is one of his trade policy revamps that u.s. president donald trump has pursued acting on his repeated in the in that big at times complaints about poor outcomes from past trade deals and policies the us ran an overall trade deficit abruptly eleven billion dollars with south korea their six largest trading partner in two thousand and seventeen but in goods including cars and metals that seem to capture mr trump's imagination and attention the u.s. ran a deficit of twenty seven billion dollars last year the renewed agreement leaves the vast bulk of the text unchanged from that obama era two thousand and twelve agreement but removes a barrier to export of u.s. cars that do not meet south korean safety emissions standards the updated agreement also extends a twenty five percent u.s. tariff on south korean trucks through twenty four twenty forty one on the other side south korea is guaranteed an exemption from the. tariffs on metal exports to
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the u.s. in exchange for limiting future exports to seventy percent of the current baseline . seventy of the world's largest banks are joining together in unprecedented move to adopt block to do is there saying hey we have a private ledger which can resolve all your problems so your payment never gets held up for two weeks in case there's like missing data or any disputes or anything your payment will not get held up we can't guarantee this but you had to use our process if he is like something like apple pay or we tap a we can't guarantee that you want to encounter any of these problems and when and when you use when a person a customer uses their in their public or their private ledger rather the banks as you say they get the transaction fee they get that a bit if you're going to you know some other outside vendor like you're mentioning
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the banks are cut out of it they don't want to lose this and it's very ironic and i'm not saying this is anything you don't but i always use the word if arius that you know we were talking before the show began about jamie diamond a year ago august saying you know it was a scam a big claim was a scam and you know it makes you go back and say well you say it was a scam but they were moving forward on blog change technology and how to ensure that they were not going to be the last person standing out of these markets so they've been like you would expect any business but certainly the largest financial entities in the world and no offense to your former employer j.p. but they are looking at this to ensure that they still get a piece of the pie no matter what they've been saying out there publicly right they have for it so let's talk about bitcoin they're not even ten years old and we've seen a lot going on with with them but when we look at prices the number two crypto currency is. well you always been. you were telling me earlier about some interesting news
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this week with ripple tell our viewers about that yes so ripple actually over took a theorem in terms of market cap twice this past works you know we're in a weaker story yes and this bullishness has been stemmed from the fact that ripple hinted that it's x. rapid payment system might be coming online within a few coming months and x. rapid if you know it's going to be a cross border payment solution and what this says is this essentially works to replace the current outdated and very expensive swith network so how swift currently works is that if you want to send one hundred dollars to your relatives in india you actually have to pay one hundred thirty dollars this is because when you when you make when you make a payment into an emerging market they sometimes have higher you to have an account in their local currency and so this is very high liquidity for the banks and very costly for the banks so that's why they charge back onto you as a fee so because of this the stress network it's very expensive you have high fees
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you don't get the payment until two three days later and four to six of these transactions actually get lost in the swift payment that work so how ex rapid will work with this new ripple implementation is that if you want to send one hundred dollars you go to a bank on the back and they use x. rapid the one hundred dollars gets converted into a rep all the ripple get sent to india and the rest to the receiving bank they take that ripple and they come around to their local currency the rupee the entire transaction is not settled in days it's settled in as little as eight seconds and you do not need the internal bank's private ledger to do this so that's why this move this is moved up kristie we were thinking earlier you're also going to be at the forbes thirty under thirty you think we're moving the show up there on monday and tuesday i hope you come by and help us out a little bit. thank you so much kristie appreciate christiania counterpart next. and we've spoken about comcast buying sky u.k. and how foxed. owns thirty nine percent of sky and what it might mean to become of
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that investment well today disney says that they will sell to comcast for five point two billion dollars the move will significantly reduce the debt of disney following the purchase of fox and allowing disney to have resources to invest in content creation and time now for a quick break but hang here because when we return we'll peruse the planet and talk geo political economics with john cavaletti the president of the u.s. trade and economic council plus we discuss the circular economy with tracey chambers the c.e.o. of the clothing bank who is fresh from the united nations sustainable goals how can businesses make more efficient effective use of inputs and ways for increased returns and a more sustainable planet we'll talk it over with tracy as we speak in appropriate break here are those digits at the closing bell back in a flash. just
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buy that'll survival get. customers go buy. good health well reduce some lower. that's undercutting but what's good for markets it's not good for the global economy. and that it. had to get that will.
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and that to the money at that one the money of the two. that it. didn't get the money and that is out there will it is how much of that i think i've got a long time not a lot about how the now rolling starting from that point on but it does look as we have. been out of them out so out of a moderate pool. that i would have. passed by the way to really i'm not so. good that they did. so yeah i'm after. all if you look them in the little.
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you. welcome back and updating the story of the collapse of u.k. contractor karelian the national audit office reports the resulting cost of the government will total at least one hundred forty eight million pounds at sixty five and sixty five million of that total will go to read doesn't see payments for former karelian workers according to the n.a.o. parliament's official in-house auditor is the author is also found that koreans unfunded pension obligations of two point six billion pounds or around three point four billion dollars will have to be financed via the pension protection fund which
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was created in two thousand and five to manage such situations karelians on raveling led to the largest trading liquidation in u.k. history this past january leaving behind one point five billion dollars in debts the n.a.o. indicates those creditors should not count on recovering their losses the report was obtained by a freedom of information requests from unite that's the largest british labor union earlier this month unite acting on behalf of a former of former green workers called for criminal investigations into the contractors collapse. and election in a small country in the indian ocean should be sending a big signal about the regional power balance between india and china on sunday voters in the melody if surprised many outside observers by electing opposition candidate abraham so lead to replace incumbent president. mean by a margin of over sixteen percent mr you mean has embraced chinese investment in
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infrastructure projects in the melody as well mr so leak campaigned on a pledge to audit the chinese portfolio and expressed the concerns of many over growing indebtedness to china there was real doubt on monday whether mr my yean who was elected in two thousand and thirteen after the controversial nominee of a first round of voting would even recognize the election results while he did there were reports today that his party was or maybe still is blocking the release of full official results a shock the hoary of the coordinator for south africa asia institute for defense studies and an analysis has said has said this about the situation the kind of investment that the chinese have made the kind of public did that they have subjected to we continue to fix if we continue to linger on and my lives my libyans who have to do the trick and we have seen it happening in sri lanka and even if you
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had a change in government dependence and continuous and the change i was able to convert to do. and we now move to geo political economics and to do so we are joined by john catalyst the president of the us cuba trade and economic council john welcome back. thank you sir from a very humid new york city yeah you know what even sure if you're to be at the studio or up there so it's cool here but there's lots more interesting stuff going on up there in new york john let's start with what you look at every single day and that's cuba cuban president gal diaz canal spoke today at the u.n. there in new york with you and he seems to have made two pretty basic arguments at least as i read part of the text one is capitalism is bad he said workers struggle and the rich get richer which i suppose one might expect from him and to the u.s. embargo of cuba is really
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a cruel policy which he says punishes cuban families and others did i miss anything big in what he said in the speech and what did you make of it john. it was a traditional speech by the president or the prime minister or the foreign minister of cuba they hit the normal buttons which is the u.s. is bad and capitalism is bad but the most important element of his speech was this discussion about venezuela and the crisis that is overtake venezuela and how that impacts cuba and the more destabilized venezuela becomes economically the less it can provide to cuba and that cuba takes very seriously well let's thank you for your take on that i know you were just in south america let's talk about venezuela a little bit we we speak about it on the on the program all the time a shirtless certainly are having some super troubling times and there was a report out today dealing with some other nations of colombia peru and some others
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saying that there were some human rights atrocities going on there not that everybody is blameless in this circumstance or maybe some of them should look in the mirror but what do you make of what's going on in venezuela john from your visits down in south america that is a well is is a contagion. over a million people from venezuela have gone into colombia a country of nine million people you basically have some similarities in terms of the impact on colombia just like the impact of syria has had on lebanon and syria and had on jordan and lesser expense lesser extent on turkey. but venezuela it's incredibly complicated because the united states needs venezuela to be relatively stable but. cuba needs venezuela quite a bit so where you go is that with iran and venezuela basically having taken out
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about five million barrels of oil a day out of the global marketplace oil prices of generally remained high that's not good for cuba it is good for venezuela if they could do something with it but the trump in this ration wants our prices decrease so in order to do that you either are going to sell strategic oil petroleum from the united states into the marketplace which is temporary or you're going to increase output from venezuela and they run. the challenge of all of this is that with high oil prices negatively impacting cuba high oil prices negatively impact the united states help opec also help the russian federation russian federation to shipping more oil natural gas to china its increasing its agricultural product production which is very good but there you have venezuela sort of sitting there that governments want to go you know you saw president trump talk about well military action is not off the table we're not going to be you know taking military action with cuba with venezuela but they
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are going to try to do some proxy stuff to venezuela is critically important also is infecting other countries in the americas and at some point something's going to have to be done and unfortunately it's going to basically probably get to closing the borders and forcing venezuela to deal with venezuela's problems but then lastly the venezuelan government owes much of its stability to the cuban government so it's encrypts a multi-dimensional chess game and you know when you see when i saw president trump say it is it always ups the higher oil prices and look as consumers none of us want higher oil prices but the bottom line is the u.s. is at an all time high production so you know i'm talking about folks look in the mirror i'm not saying we should stop i love the free markets do what it is do what happens but holy. how amazing circumstance john we love to have you more and talk about more geo political economic anomic when you have some time we sure appreciate you spending some time with us today know you're busy up there in new york john
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cavil at us cuba trade thank you so much john thank you sir. and the u.s. federal reserve open market committee concluded two days of meetings this afternoon and will increase interest rates by twenty five basis points to a target of two point two five percent they also said that they are on track for one more rate increase yet this year and potentially three more in twenty nine t. the fed also expects the u.s. economy to continue to grow at a steady pace throughout twenty nineteen with a growth rate of two point five percent before slowing to twenty twenty to two percent one terrace fed chair jay powell said if trade agreements were worked out it could be a good thing for the economy in the u.s. but he had knowledge of current circumstance yeah. that being in landfills and i think what came out of this. segment is that. reputation for companies
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is going to matter for consumers in future and in order to stay in business consumer. companies are going to have to be really transparent about they supply chain really transparent about the waste and the companies that can find solutions and communicate that to their customers are the ones that are going to stand business in the future so this is not about doing good this is about staying in business and it's going to be critically important in the future. that's really interesting is so i'm so glad you were there and i'm so glad you took the time to be with us i know that they put twenty thirty is a goal there that's going to be a tough one to reach maybe but with people like you out there fighting for it we sure appreciate it we hope you come back and talk about this and other things so great to see you would have us with us thank you tracy pre-shared it. thanks for having me. and that's it for this time thanks for being on board with us you can
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catch boom bust on directv channel three twenty one dish network channel two eighty four streaming twenty four seven on pluto t.v. the free t.v. app one thirty two as always you can catch is that youtube dot com slash boom bust r.t. so long for now. i don't think that. is what i was trying to sum up destroy. i don't think but they do think you're. also. interesting that unfortunately many in israel and in the united states i seem to paranoia developed around the. decades after the war
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a nazi don't it was still active and rich in the nineteen seventies cretonne had as the chair of a man convicted of mass murder and slavery ash was a german company develops in the demise a drug that was promoted as completely safe even during pregnancy it turned out to have terrible side effects what has happened to my baby anything. you know she said is just good choice minix a little mind victims have to this day received no compensation they never apologized for the suffering that not only want the money i want the revenge. i. i. still. love the.
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moment one moment. this is quite a gathering. it's a lot of people. out of the media. continues to make a stop at the u.n. general assembly but it was not all smiles at the new one of the. leaders think going to run iran's going to come back to me and are going to make the deal. and beijing also a big.

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